Seritage Growth Properties Announces Third Quarter 2017 Dividend

July 26, 2017 04:05 PM Eastern Daylight Time

NEW YORK--(EON: Enhanced Online News)--Seritage Growth Properties (NYSE:SRG) announced today that its Board of
Trustees declared a cash dividend of $0.25 per Class A and Class C
common share for the third quarter of 2017. The dividend will be paid on
October 12, 2017 to Class A and Class C shareholders of record on
September 29, 2017.

About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and
self-managed retail REIT. As of June 30, 2017, the Company owned
interests in 235 wholly-owned properties and 31 joint venture properties
totaling over 42 million square feet across 49 states and Puerto Rico.
Pursuant to a master lease, 180 of the Company’s wholly-owned properties
are leased to Sears Holdings and are operated under either the Sears or
Kmart brand. The master lease provides the Company with the right to
recapture certain space from Sears Holdings at each property for
retenanting or redevelopment purposes. At numerous properties, third
party tenants under direct leases occupy a portion of leasable space
alongside Sears and Kmart, and 37 properties are leased only to third
parties. As of June 30, 2017, the Company also owned 50% interests in 31
properties through joint venture investments with GGP, Simon Property
Group and The Macerich Company. A substantial majority of the space at
the Company’s JV properties is also leased to Sears Holdings under
master lease agreements that provide for similar recapture rights as the
master lease governing the Company’s wholly-owned properties.

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